So weird if using wise to transfer into own MYR account

First time trying CHF transfer from SGD bank account via Wise currency balance to IBKR. Not sure if they will question anything.

There is a deduction of 0.5 CHF for the transfer though.

Keeping my fingers crossed.

Confirmed CHF entered account. Just a little more than one hour!

Standby for Roche and Nestle.

This post has been edited by TOS: Jan 25 2022, 09:07 PM

Wise business account needs to pay RM113?

How is it weird, what if I work abroad and earn foreign currency. Need to convert right?

Yeah I use Wise to fund my IBKR US account. Usually the fee would be ~$0.5 to convert and free to transfer to my trading account via ACH.

Yeah, it’s surprisingly fast. Mostly takes less than 1 business day to fund my IBKR account

USD is ok because the Wise account is under your name. CHF is a whole different story. The Wise account for CHF is not under our name, but that of Wise.

A simple tutorial for those who want to fund IBKR with CHF via Wise multicurrency account:

1. Set up deposit notice in IBKR via Bank Wire (for bank name, just type "Wise" without quotation marks " ", then they will give you the Credit Suisse account IBAN number and SWIFT code)

2. Open CHF account balance in Wise, then transfer money to fund CHF account in Wise (usually convert from other currencies like MYR, SGD, USD etc.)

(Step 1 and 2 can be reversed, done in either order is fine since they are independent of one another.)

3. Now transfer the money from your CHF currency balance to Wise, just send the money from your currency balance like you did with USD/SGD etc.

Points to note: You don't need to fill up the email address column, just enter the recipient name Interactive Brokers LLC and the IBAN number (Wise will automatically verify it's a Credit Suisse account after you fully enter the account number), complete the transfer process by verifying with a TAC SMS, then just wait for one hour to one hour and 15 minutes for the transaction to go through. A fee of 0.5 CHF will be deducted from the currency balance. So if you fund your currency balance with 900 CHF, you can only send out a maximum of 899.5 CHF.

4. 1-1.25 hours later the CHF money should reflect in your IBKR currency balance.

Note that you should not have more than 50k CHF in your IBKR account, otherwise you will be charged negative interest rates, which means money will be deducted from your Swiss account (you are paying the broker "free" money). Swiss benchmark rates are around -0.75% https://www.interactivebrokers.com/en/accou...erest-rates.php

Another point to note is as the transfer is in the name of Wise (unlike USD ACH transfer under your name), you should be prepared for potential AMLA actions from the broker in the future, should one arise.

This post has been edited by TOS: Jan 25 2022, 10:29 PM

Appreciate the deals, you are right for the Swiss balance; there are no account details. Meaning, your funds are under Wise’s name and not your name. That’s why I ultimately picked IBKR with a USD balance as I mainly focus on the US stock market and Wise has USD bank details.

WISE business account needs to be verified like sending SSM documents?

How to pay the setup fee of RM113 if there is no MYR money in the account?

At first you don't need to verify your SSM documents immediately, however they would ask the nature of your business in the future. Best you give them as much details upfront to prevent any inconveniences in the future.

As I don't have a business account, I'm not very sure; but like the personal account you need to deposit RM101 before being able to use the Wise Card. I assume you would also have to do the same with your Wise Business account. You can either transfer MYR from your Wise Personal account to your new business account or just top-up your Wise Business account via FPX.

Cannot top up one as it says MYR is not able to be added.

Until now I had not gotten my refund on this wrong transfer. It was around SGD 2700.
Wrote and called both parties CIMB Bank Malaysia and Wise.

When I contact both parties, both also refuse to help me solve the problem! Wise is saying I have to contact bank myself, that it is against their security protocol to contact bank, but why? What security is involved here? Help customer to followup asking bank to return back a wrong transfer also got problem?

While CIMB bank called me and say Wise has to contact them to ask for the transfer to return back to Wise's account. In the written email the CIMB person explained that Wise might have an intermediary local clearing house hence why they need to contact CIMB for the refund. But another CIMB agent I called say CIMB will auto send back the money to Wise. They can't confirm when I will get back the money. Sounds simple but until now I don't see the money in my Wise yet. Basically 2 answers for a question and I don't know which is right.

End up I am the person getting burnt due to a mistake.
Already wrote email to Securities Commision for help today. Hope will get a reply.
Next might need to write email to Bank Negara if still getting ignored.

Anyone else got any other suggestions please let me know.

Transferwise is good.. but if you fcked up on your transfer to wrong bank/party etc... you are ALONE in this if bank did not send back to you the money.
Always triple check if need to before hitting that "send money" button. Especially if you first time doing the transfer. Better safe than sorry.

This post has been edited by Davidtcf: Jan 26 2022, 05:02 PM

If it helps, I'd say you don't need to worry about it.

There is a reason they ask for recipient's full name when transferring, in case the account number doesn't match, the transaction will be bounced back eventually. (The chances of you sending your money to someone with the wrong account number that is valid, at the right bank, with the same exact name as you is astronomically low if not impossible)

I suspect that it's simply out of Wise control, they don't actually get receive confirmation from recipient's bank according to their ambiguous wording. So once the money leave their system, can they only act upon it if the money goes back to them.



The recipient bank should have received the money regardless, so this is on CIMB, no choice but to escalate on their side.

I doubt that SC or BNM would be helpful, especially this is likely 99% not SC's scope.

And yeah, as you've said, always triple check sending information, never too careful. I usually do a test transaction for the first transaction on any platform then repeat that transaction in large amount to be safe.

This post has been edited by Hoshiyuu: Jan 26 2022, 05:18 PM

To reply your statements that I had bolded:
1. Not true, read this. Doesn't matter if referral name is wrong, as long account number is valid the money will be credited to the user:
https://www.quora.com/Does-the-account-name...nsferring-money
Other sources also mentioned same thing.
But for my case account number (starting with "1", local CIMB numbers start with "7") not found on CIMB Malaysia, also can have issue.

2. Already contacted CIMB around 5 times total. Seems like their side no one bother to really help. At least can help me email to their team in charge of incoming transfers... but CIMB keep say can't help further. Either is I wait or ask Wise to contact CIMB.. which Wise is refusing to.

And yes agree that better to transfer a tiny amount the first time. Once successfully go through only send the bulk of the money. Don't try to save on this is not worth if your whole bunch of money get missing.

This post has been edited by Davidtcf: Jan 26 2022, 05:37 PM

Hmm. Good info on [1]. I guess my banker gave me misinformation on that then. Can't trust people who have no stake in your money as always. My Unifi bills still has the wrong name to this day after 2 years and 5 physical visits to TMpoint.

I can't say if I am correct or wrong on this, but this is my suggestion and what I would personally do.

You can try to call CIMB again, ask them to start a case/ticket for you, telling them that you would like to escalate this issue to BNM, and would like CIMB's help in providing a case/ticket reference number as proof that you have attempted to resolve this with CIMB's complaint resolution unit. Be polite, be helpful.

Secondly, ask Wise if they can provide any proof that the money is not with them, as you would like to submit a formal complaint against the recipient bank to your local financial institution regulator for their non-response to your plight. I think they will be happy to have you off their back on a problem that is not theirs.

From there, escalate normally via BNM Telelink with all the info you can provide, Wise's response, CIMB response et cetera. I highly doubt Wise still have your money, and they will email you first hand if the money has already bounced back to them. It's likely stuck in a intermediary or CIMB, the former will resolve itself over time, the latter I'm not so sure now.

The world spent a lot of effort to regulate money so they can't disappear, because there is too much people trying to make money disappear, don't worry, I am sure you can get your money back somehow, when all the involved party are big, established, regulated institution.

This post has been edited by Hoshiyuu: Jan 26 2022, 06:00 PM

Thanks @Hoshiyuu, will do what you said. Looks like gonna do another round of call with CIMB tonight.

Hope BNM side can help. I have gathered all the emails and documentation already will attach them altogether. Later tonight will share my emails with CIMB and Wise here (minus my personal info).. U guys see also will laugh at how some of their responses are, and that "don't care" attitude.

This post has been edited by Davidtcf: Jan 26 2022, 07:34 PM

the screenshots between my emails/chat with CIMB Malaysia and Wise:

CIMB asking me to contact CIMB SG? Huh? Money go into CIMB Malaysia why asking me to contact CIMB SG?


Same thing here Wise asking me to contact CIMB SG for no reason:


CIMB guy called me after I posted on their CIMB Malaysia FB page. He say Wise has to contact them to retrieve the wrong transfer. Correct process is the sender of the money have to contact the bank:


Wise Die2 refuse to contact bank. Push back responsibilities to me to follow-up with bank. Keep say it's against their rules due to security reasons without elaborating:


Tried to send email to BNM, only way is via their web form. Problem is it is not working when trying to send (after fill up so hard ):
https://telelink.bnm.gov.my/

I then found a contact there which is OFS, went to their website and see notice they might be able to help :
https://www.ofs.org.my/en/company_overview
At least OFS got email address. Transferwise seems to not be under their supported list but CIMB is. Waiting for their reply now.

Just now when I called CIMB asking for ticket number.. the dude who picked up sounded a bit nervous when I mentioned BNM. He took it seriously and say will help me assign the ticket to the internal transfer team / accounts team for checking. After that gave me all the ticket numbers that I asked for. He say will help only la.. dunno will really help or not. I told him to call me or email me back anytime.

Haih really seem like getting back my money is becoming more and more unlikely each passing day.

This post has been edited by Davidtcf: Jan 26 2022, 11:59 PM

Er, I'm sorry if I misunderstood, but have you checked your CIMB SG to see if your money is there?

Reading back your post, I think your intention is to send money to CIMB SG right?

Then, the customer service support said your money is sent to CIMB SG (bank code 7986) and the recipient number starts with 1 right?

And you think that you got it wrong because the recipient bank said CIMB Berhad? Just FYI CIMB SG official name is CIMB Bank Berhad (Singapore Branch). As you mentioned, transfer validity refers only to the account number itself, which you have not entered wrongly.

Again, sorry if I got the situation wrong.



This post has been edited by Hoshiyuu: Jan 27 2022, 12:53 AM